Bloom Energy Hits 52-Week High After AEP Agreement, Analyst Price Target Boosts

Dow Jones11-16

By Josh Beckerman

Bloom Energy shares hit a 52-week high Friday following Thursday's news of a large fuel cell deployment and favorable reactions from analysts Friday.

The stock was recently up 44% to $19.15, with an intraday high of $22.50, and is up about 29% this year.

Just before noon on Thursday, AEP said it had an agreement in place to secure up to 1 gigawatt of Bloom Energy solid oxide fuel cells for data centers and other large energy users. It described the plan as "the largest utility fuel cell initiative in the country."

Susquehanna analyst Biju Perincheril said "This is a significant win for Bloom as it opens the way for additional large, utility-level agreements providing multi-year visibility." Susquehanna raised its price target to $20 from $16. Piper Sandler raised its rating to overweight from neutral and its target to $20 from $10. BMO Capital increased its target to $19.50 from $12.

Bloom shares were halted Thursday afternoon for news pending.

Late Thursday, Bloom said the AEP supply agreement is "the largest commercial procurement of fuel cells in the world to date." It said AEP placed an order for 100 megawatts of fuel cells with further expansion orders expected in 2025.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 15, 2024 13:20 ET (18:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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